Experts to examine role of digital payments in AfCFTA

Experts in Nigeria’s digital payments industry are seeking to enhance the expected rise in trade when the African Continental Free Trade Area agreement kicks off.

They are set to examine how the AfCFTA could change the future of digital payments across Africa at the seventh edition of the PoS Innovation Summit hosted by Global Accelerex in Lagos.

A statement on Monday said the summit themed ‘The African Continental Free Trade Agreement: Driving Borderless Trade Through’ provided a platform to learn how to maximise the boundless opportunities it the agreement presented.

The Managing Director, Tunde Ogungbade, stated that the summit couldn’t have come at a more opportune time as AfCFTA was expected to boost intra-African trade significantly, making Africa a single market of 1.2 billion people and a cumulative GDP of over $3tn.

According to Ogungbade, “AfCFTA provides a framework for trade liberalisation in goods and services. With this liberalisation comes an overarching need for trade settlements across different African countries, making payment an integral part of the process.

It therefore behoves digital payment companies to design innovative payment platforms and solutions that will facilitate these trade activities. Global Accelerex is already taking the lead in this regard and some of our innovative products will be hitting the market soon.”

He said the Special Guest of Honour at the event would be the Minister of Industry, Trade and Investment, Niyi Adebayo while other speakers and guest panelists would draw from original insights and experiences to make the session engaging and interactive.

Written by Ife Ogunfuwa, published on Punch Newspapers